CALGARY - Canadian Pacific Railway Ltd. is making a new takeover offer for Kansas City Southern that values the U.S. railway at US$31 billion. The new bid comes ahead of a vote on Aug. 19 by Kansas City Southern shareholders on a rival offer by Canadian National Railway Co. valued at US$33.6 billion. However, CP Rail said it believes its offer is more likely to be approved by U.S. regulators. Under CP Rail’s new offer, KCS shareholders would receive 2.884 CP Rail shares and US$90 in cash for each common share held, representing a value of about US$300 per share. The CN proposal would see KCS shareholders receive US$200 in cash and 1.129 CN shares for each share in an offer valued at about US$325 per share.

Source: thestar August 10, 2021 11:26 UTC